Canada's inflation rate ricks up to 2.9% in March

Stats cans just come out with the latest inflation numbers. These are for the month, the month of March. These are numbers that could have a significant impact on this budget day. And Scott has them for us. Yeah, not exactly paying into the narrative of the sitting government, nor the narrative that the Bank of Canada wants to hear. And after all those rate hikes, we want the rates to come down. Has a lot of killings out there do but we’re seeing at 2.9%, which means inflation is stubbornly hard to contain. It is risen from the month before so 2.9% is our official inflation rate for the month of March. And some of the particulars we knew this going into it gasoline prices, the main culprit here up 4 1/2% in the month of March. Middle East worries oil prices are up and it was up up almost 5% just in a month alone. Shelter prices as well up 6 1/2%. And mortgage interest costs if you had to refinance your mortgage, that’s up 25% year over year. So that’s a big wall up there for inflationary reasons. Rent prices also up 8 1/2 percent. Food as well, while it’s it’s sort of simmered down a little bit, still up 3%. And the fallout here is a it’s a political issue. It’s a budget day of course and we’ve also talked about this that the Bank of Canada watches this metric very closely. We’re supposed to or a lot of people expecting perhaps some hints of the rates coming down as soon as June that might be postponed. So we’ll watch for the the economic sort of reviews on this, but it looks like a little bit of pressure on the Bank of Canada to sort of put off any kind of rate reduction anytime soon. Peterson, thank you very much.